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hackers

if hackers steal like 100 million dollars or more and somehow convert the stolen money to monero, how would they be able to break the money down in about two years? i only ask because a money transfer expert who deals with bitcoins told me this, Faisal Khan, Best thing to happen to humanity since sliced bread. Written Oct 30 If you are referring to money hacked from people’s account and how that is converted to Bitcoin, then you must realize, that most of the money hacked from people’s account is immediately cashed out somewhere in the world.

A bit of a background as to how this happens. There is literally an army of people who will then keep breaking the amounts down until they are below ADL (ATM Daily Limit) amount for cash withdrawal. Let us say the amount stolen from a hacked account is US$ 10,000.

This amount is moved into another account, that is hacked and in control of the hackers. Assume the ADL is $500. The hackers would need a minimum of 21 further hacked bank accounts, whose ATM cards they posses to withdraw the money out.

Almost all money that is hacked, is one way or the other converted to cash. The other option is of purchase discounting. The ATM cards of the hacked accounts can also be used at POS terminals. People will go and buy say a phone for $400 and immediately sell it to someone else for cash for US$ 300 (25% discount).

They are discounting their final cash-in-hand by 25%.

Once the money is received, there are puh-lenty of people who will convert money into whatever you want, be it bitcoins, goods again, coupons, gift cards, etc. That is how the cycle works.

would his description be accurate or not? lets assume that his description somehow was accurate, the clean money, how could it be wired to a regular commercial bank in the united states assuming it was small amounts at a time assuming that it could even be done assuming of course it was feasible to do???? in what way could it be done not only for the clean money to be wired back to the u.s. from some third world country but also to like canada, australia, or new zealand????? i also only ask because like 99% of hackers who can steal 100 million dollars or more are located in some third world country like argentina, nigeria, bulgaria, ect..... RSVP. THANK YOU.

Replies: 1
marcvh posted 7 years ago Weight: 0 | Link [ - ]

If hackers from a third world country steal money from a crypto money account, why would they want to wire to a bank account in the US? Wouldn't they cash it in and spend locally? Alternatively, if they hacked it from a bank account, what does that have to do with untraceable crypto money like Monero? It is up to the banks to secure their client's deposits.

As you pointed out, the stolen money is converted to cash. The methods you mentioned to transfer it to cash are valid if the thief is residing in the US or in another law abiding country. People in third world countries can get away with theft because of weak law enforcement, absence of laws and institutional corruption. They would likely spend the money locally.